Get ready for an appraisal before refinancing or selling your home.
You’ve sold your home or you are thinking of refinancing your mortgage.
One of the things your lender will require is a property appraisal. While the actual appraisal inspection make take only an hour or two, the appraiser must go back to the office, do the research and write a 10 to 12 page report.
Here are some tips to help the appraiser with additional information—and in most instances a faster turn-around time to complete the report.
• Compile a list of recent improvements. If possible include “before and after” pictures, copies of paid receipts for work completed. If major updates were made, provide a detailed copy of the bid from the contractor.
• Make sure all areas are accessible, including the attic, basement and crawl spaces. This includes the garage.
• If the home is part of a homeowner’s association, include a copy of the fees paid, and the name and phone number of the association president or executive director.
• Straighten up each room. Appraisers are required to photograph each room, and while it may not make a difference to them if the room is messy, there may be an underwriter who is less objective.
• If there are any unfinished projects, make sure they are completed before the inspection.
• If there are any easements, encroachments or unusual deed restrictions, you may want to provide a copy of the list.
Need assistance preparing your home for an appraisal? Contact a local Arizona Mortgage Advisor at one of Fairway Independent Mortgage's Arizona branches. Find Branch contact information HERE